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Cryptocurrency as a new method for participant compensation in research
Renee Garett1, Mohammed Emish2, Sean D Young3,2
1ElevateU, Irvine, California, United States of America.
Health Policy and Technology
|June 19, 2023
Summary
Cryptocurrency offers a novel way to incentivize public health research participation. While providing benefits like anonymity and security, potential challenges like volatility and fraud must be carefully considered.
Area of Science:
- Public Health
- Health Economics
- Digital Currency
Background:
- Participant recruitment and retention are crucial for public health research.
- Traditional motivators exist, but barriers like time commitment and family concerns hinder engagement.
- Novel compensation methods are needed to enhance participant involvement.
Purpose of the Study:
- To explore the potential of cryptocurrency as a compensation method in public health research.
- To discuss the advantages and disadvantages of using cryptocurrency for participant reimbursement.
- To evaluate cryptocurrency's feasibility for incentivizing study participation.
Main Methods:
- Literature review on cryptocurrency use in compensation.
- Analysis of potential benefits (anonymity, security, convenience) and drawbacks (volatility, legal issues, fraud risk) of cryptocurrency compensation.
- Exploration of cryptocurrency application in various research tasks (surveys, interviews, interventions).
Main Results:
- Cryptocurrency can be used as a reward for diverse research activities.
- Potential benefits include enhanced anonymity, security, and convenience for participants.
- Significant challenges include market volatility, regulatory uncertainty, and security risks like hacking.
Conclusions:
- Cryptocurrency presents a promising, albeit complex, avenue for participant compensation in public health studies.
- Researchers must conduct a thorough risk-benefit analysis before implementing cryptocurrency-based incentives.
- Further investigation is needed to address challenges and optimize cryptocurrency use in research settings.
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